By adding cryptocurrency support to VENMO wallets, PayPal soon plans to expand their crypto services in the UK. The update will include buying, selling, and other features added to VENMO in some international markets. As of now, only the US residents have support for trading cryptocurrency on PayPal, and now the UK might come in second. I even think that the updates are just a few months away and not even the end of the year. Here is a tweet from Carl Quintanilla that said the same:
* PAYPAL WILL ADD CRYPTO TO VENMO WALLETS IN FIRST HALF $PYPL (h/t @JohnSpall247) pic.twitter.com/ETsgKqXC6V
— Carl Quintanilla (@carlquintanilla) February 11, 2021
PayPal will soon add cryptocurrency support to VENMO wallets
The announcement regarding the adding of crypto support in the VENMO wallet was made in the Q4 earnings call of 2020 by the CEO of PayPal. He also said that this would initially come only in some selected international markets. There has been such solid news or reports suggesting which will be the first market to get the support. But almost all data suggests towards the UK. The company is also investing in its cryptocurrency department so as to improve its services and bring in more customers.
In the US, their crypto purchasing and selling services are active since November. And this has become one of the prime reasons why the access of the currency has gotten easier. With around 286 million PayPal users in the US alone, the platform was one of the currency’s quickest adopters. Paypal recorded a whopping $242 million transactions on Jan 11 one of the highest ever seen. And after the company adds cryptocurrency support to VENMO wallets, we can expect even more transactions. As the rollout of the currency support happens in other markets, very soon, Paypal users will be able to use Bitcoin to make payments.
PayPal is not the only one!
Yes! you read that right. There are many others that have announced their entry in the crypto trading and payment space. This includes banks and card companies. The most major entry was of BNY Mellon, the oldest bank of America. At the same time, Mastercard also said that they are going to add the support of cryptocurrency by the end of 2021. This support will allow users to make payments using Bitcoin to all the merchants of the company worldwide. This might vary depending on the local law and regulations. VISA talked about their similar plans a while back and might to add support for Bitcoin payments on its platform. If you are in the US, Bitcoin can even be purchased from Blue Ridge bank ATMs.
What are your thoughts on Paypal adding cryptocurrency support to VENMO wallets? Let us know in the comments below. Also, tell us if you have purchase Bitcoins or any other digital currency using Paypal. If you found our content informative do like and share is with your friends.
Also Read: Mastercard will allow Bitcoin payments by the end of 2021